Suzlon board gives nod for restructuring FCCBs

The ad-hoc committee comprises select bondholders with significant holdings across each of the existing bonds.

Pune | Published:May 4, 2014 2:38 am

The board of Suzlon Energy announced on Saturday a cashless restructuring of its existing foreign currency convertible bonds (FCCBs) worth $485 million.

Kirti Vagadia, group head – corporate finance, Suzlon Group, said the proposed restructuring package was an optimal solution to the last remaining piece under the comprehensive liability management programme.

Suzlon, the world’s fifth largest wind turbine maker, had defaulted on these bonds and were in talks with bondholders to restructure them for over a year. The company and an ad-hoc committee of the bondholders concluded negotiations and agreed on the proposed restructuring terms on Saturday. The ad-hoc committee comprises select bondholders with significant holdings across each of the existing bonds. The new restructured bonds will have a maturity period of five years.

FE

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